USDCHF H4 | FOREX BEE

29 janv.

Hey Traders,
Looking at the USD/CHF H4 chart, here's my technical analysis:

Observations:
1. Descending Channel:
- The pair is currently trading within a well-defined descending channel, indicating bearish momentum.
- The price recently touched the upper boundary of the channel and appears to be pulling back.

2. Key Levels
- Support Zone (Red Box): Around 0.8965, coinciding with the 0.50 Fibonacci retracement, acting as a strong potential demand zone.
- Resistance Zone (Red Line): Near 0.9140, where previous price reactions and the channel's upper boundary converge.

3. Potential Scenarios:
- Bullish Breakout: If the price breaks above the descending channel and clears 0.9140, it could signal a reversal to the upside.
- Bearish Continuation: If rejection continues at the upper boundary, the price may head toward the 0.8965 zone, potentially retesting the 0.50 Fibonacci level or even lower near 0.8840 (0.236 Fibonacci).

### My Thoughts:
This setup currently favors short-term bearish momentum unless a breakout above 0.9140 occurs. A sell opportunity may arise on rejection near the current level, while a clean break out of the descending channel offers a potential bullish reversal signal.

31 janv.

Note

50% Target Reach

3 févr.

Trade fermée: cible de profit atteinte